How Jeonnam’s New Agricultural Price Stabilization Fund Will Transform Local Farming by 2028

Jangseong County in South Jeolla Province recently established the ‘Agricultural and Livestock Product Price Stabilization Fund Operation Committee’ and held an appointment ceremony for its members, as announced on the 10th.

The committee is tasked with overseeing the transparent management and distribution of the price stabilization fund. It comprises 15 members in total, including six ex-officio members led by Chairman Kim Han-jong, the county mayor, and nine appointed members. Their term will last until February 2, 2028.

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The Agricultural and Livestock Product Price Stabilization Fund is a policy instrument designed to guarantee minimum prices for key agricultural and livestock products in the region. When wholesale market prices fall below the set threshold, the fund compensates for the difference, mitigating losses for farmers.

Despite enacting relevant regulations in 2016 to prepare for the fund’s operation, the county faced obstacles in establishing the fund, preventing its implementation.

With the formation of this operation committee, the county is set to renew its efforts to establish the fund. The administration plans to gather input from various stakeholders and relevant organizations to develop and implement a phased approach.

Mayor Kim Han-jong stated, “We aim to successfully secure the ‘Agricultural and Livestock Product Price Stabilization Fund,’ which has been stagnant for a decade since its regulation was enacted. This will help stabilize farm management and contribute to strengthening food security.”